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Here is a look at the real estate market in Riverside The information shown is listed by ZIP code and is from November 20, 2008 to December 20, 2008. The number of active listings is as of December 21. This month I decided to add the number of pending sales, which is the same as the homes that are in escrow or in contract. The average list price is the average price of homes that sold during this time period. The housing market in Riverside and throughout the Inland Empire is very favorable for buyers. If you thought that you can't afford a home, please check out these prices and do a search of the multiple listing service of the type of home you are interested in. You may be very surprised by the home prices. And interest rates are at almost record lows. Click here to see today's current mortgage interest rates. A good number of the houses on the market in Riverside continue to be foreclosures. In fact, 70.4 percent of the homes that sold in Riverside County in November 2008 were foreclosures.
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| If you have any questions about Riverside CA or the housing market it, I'd be happy to answer your questions. I am a full time Realtor in Riverside and live here and love it. Please stop by and visit my website for lots of information about real estate and to search for houses. |
A terrific Riverside CA park and ohhhh what amazing views...
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This photo shows Box Springs Mountain in the background with a little dusting of snow (a rare event for that mountain). |
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Close to the I 215 and Central Avenue |
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Some of my favorite active listings in Riverside California
I tried earlier to put links to each of these properties so that you could look up those that you wanted to see but my MLS no longer allows me to use direct links to listings. Here is my top 10 list: 5407 Lauder Ct. - $269,900 (bank owned) 8733 Dharma Place - $289,000 (new construction) 17330 Sandlewood - $297,900 (bank owned in Victoria Grove) 19969 Paso Robles - $299,900 (Orangecrest) 8460 New Windsor - $319,900 (bank owned in Orangecrest) 9393 Newbridge - $323,950 (bank owned in Orangecrest) 8111 Palm View - $324,900 (bank owned in Orangecrest) 11188 Bayview - $329,900 (in Orangecrest) 7399 Pebblewood - $336,900 (bank owned near Indian Hills Golf Club) 4980 Firebird - $339,000 - (bank owned) Here is the link for this list of houses. Once you click on the link you can click on any house that you would like to see the listing. These homes will give you a little "taste" of the houses on the market and their terrific prices. Buying a home in Riverside (or most anywhere in the Inland Empire) has become more and more affordable to many more people. One note, the number of houses for sale in Riverside has been declining for a few months. To search the multiple listing service more thoroughly, you can go to my website or click here. I will be updating this list weekly - please stop by again. |
Here is a snapshot look at the real estate market in Riverside CaliforniaThe data is shown by ZIP code for the period Oct. 20, 2008 to November 21, 2008. The average list price is the average of all the homes that were on the market during this period - including those that sold, expired, cancelled, were withdrawn, etc. In preparing this report and comparing this month to last month, I have found that the trend of declining home prices, both list price and sold price, continues (not across all Riverside ZIP codes - but for the most part). It appears that the supply of homes on the market is declining slightly and the average number of days on the market seems to be increasing a bit. That is the average number of days from the list date until the house goes into escrow. With the affordability of homes in Riverside and throughout most of the Inland Empire many first time buyers are getting into the market. Low home prices and low interest rates make for very favorable conditions for buyers. Click here to view a chart of today's interest rates. Interest rates have dropped over the last couple of weeks -which is always good news. You may have heard that no one is lending right now. We have found that most of our clients are able to get FHA loans and in fact, FHA loans are now a large percentage of the home loans that are currently being done. There are other options besides FHA loans, but for someone without much for a dowpayment, an FHA loan is a good option.
Data is compiled from the MRMLS. Please feel free to contact The Pedersen Team if you have any questions about the real estate market in Riverside CA or any of the nearby communities or if you are thinking of buying SEARCH FOR RIVERSIDE, CORONA, MORENO VALLEY PROPERTIES HERE. Happy house hunting!! |
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These special assessments are pretty common in Riverside and San Bernardino Counties. A Mello-Roos district is an area where a special property tax on real estate in addition to the normal property tax is imposed on the property owners. These districts have chosen to seek public financing through the sale of bonds for the purpose of financing certain public improvements and services. You won't find Mello-Roos on older homes. They are pretty common in newer neighborhoods. Usually the areas with Mello-Roos have some wonderful community amenities that really benefit the residents of the community, like new schools, or a park, like in the photo here.
Where did Mello-Roos Come From?
When Proposition 13 passed in 1978, it severely limited the ability of local governments to use property taxes to construct public facilities and services. As a result, Californians were forced to find new ways to fund public improvements. The Mello-Roos Community Facilities Act of 1982 was enacted by the California legislature. It enabled “Community Facilities Districts” (or CFD’s) to be established by local government agencies as way of obtaining this crucial community funding. Today the common name for the Facilities Act of 1982 is simply “Mello-Roos.” |
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What Projects are Funded by Mello-Roos?
School districts are the most common beneficiaries of Mello-Roos. State funds are not always available to provide the quality or quantity of facilities necessary in California. In addition, other community needs such as construction and maintenance of public roads, traffic light systems, storm sewers, water mains, police stations, fire stations, ambulance services, public libraries, and parks. All proceeds raised from Mello-Roos assessment must be used only to finance the specific public facilities and/or services that were authorized in that CFD.
How Much Will I Be Assessed?
This will vary from one Mello-Roos district to another. Typically, a formula that relates to the square footage or lot size of the home is used to determine the amount of an individual assessment. In general, the special taxes and assessments do not usually exceed 1.5% of the market value of new homes. Moreover, the total amount of all annual taxes (including property tax) usually does not usually exceed 2.5% of the home’s market value. Mello-Roos assessments are typically a set amount - vs. the property tax that is a percentage of the price paid for the home.
How Do I Pay My Mello-Roos Taxes? This tax is normally added to your property tax bills. Click here for more information about Mello-Roos assessments. This is just one example of information that you need as a home buyer to help you in this exciting and often stressfull time. Be sure to find a good realtor to represent you - you need someone on your side. Don't just go with the agent whose name is on the sign at the house you like - they are representing the seller's best interests. Your realtor can find out if the house or houses you are considering buying has Mello-Roos assessments or not. Visit my website.
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Residential real estate in Riverside, Corona, and Moreno Valley Calilfornia, andl throughout most of the Inland Empire. ABR - Accredited Buyers Representative DRE #01435175
Here's a little bit of information about me...
I am a full time Realtor® and have been for over five years. I work with my husband, Don. We are The Pedersen Team, and we own our own brokerage, Pedersen Real Estate. I love working in real estate and being a Realtor! It is busy, challenging and often all-consuming. I'm totally committed to my clients and being honest with them, dependable and loyal to their needs. I go the extra mile in taking care of my clients and helping make their transactions as stress-free and pleasant as possible. I spend a lot of time with my clients: educating them, counseling them and simply doing whatever needs to be done to help them accomplish their real estate goals. The Pedersen Team motto "Above and beyond" is something I adhere to completely with each and every client. Put my dedication to my clients, professionalism and strong business ethics to work for you.
I am an Accredited Buyers Representative. I specialize in residential real estate for both buyers and sellers. I especially enjoy working with buyers and helping them through the entire process of buying a home.
Don and I have been extremely happily married for 31 years and have an amazing family with three children and four beautiful grandchildren. Our family is the center of our lives. We are proud of our family and are the proud parents of a Marine - ooh-rah! who attends West Point. We have lived in Riverside California for eight years.
The Riverside and Corona area of Southern California is a wonderful place to live. They are both beautiful cities. Riverside is the 12th largest city in California.
Search the entire MLS for not only Riverside, including the surrounding areas: Corona, Moreno Valley, Norco, and all through-out the Inland Empire.
Please browse through our website and make yourself at home. There, you can also request an online valuation of your property-or sign up for free emailed MLS listings. Visit often.
Visit my Riverside CA Real Estate blog.
Photo of the California Citrus State Historical Park, Riverside CA
"My husband and I are very satisfied with the work that Vicki has done as our real estate agent. Vicki was always informative and never pushing or pressuring us to buy a home. She always answered and responded to our needs as soon as possible. Though I am sure Vicki was busy with other clients, she made my husband and I feel important and we felt like she always put us first. Vicki is great at doing counter offers, which helped us to be more confident in getting the home that we really wanted. I will recommend Vicki and Don to family and friends who will be looking for a home. Thanks, Vicki, for all your patience and hard work." May Vang
"The motto of "Above and beyond" is truly the reflection of the Pedersen Team. This goes from the personable to professionalism of handling the business of selling our home in Riverside. I had interviewed 7 agents, all from reputable and large companies. I had many questions especially in a time where selling our house was unfavorable, but our move to Northern CA outweighs a depressed housing market. Vicki Pedersen did her homework - knowledge of my area, first-class brochures and flyers, outstanding web-site showing, plus many more behind the scenes including weekly activity report which I received "heads up" info. I had worked with many agents in the past (had owned 5 homes), Vicki Pedersen just tops them all. Anyone who is planning to sell their home will not be disappointed with the Pedersen Team - integrity, professionalism, knowledgeable - from start to finish" - Roy and Helen Shimizu
"I can't begin to accurately express how much your professional and personal assistance helped us during our relocation. Relocating from afar was stressful and challenging but you eased a lot of that with your competence, outstanding follow-through, and personal touch. You really made the whole process seem easy and as though we had some friends in our new locale that were/are looking out for us. To top it off, you found us a far better home for our family than we would have even thought possible. It was truly a pleasure to work with you and to count you among our new friends in Southern California. Thanks so much!" - Jim and Virginia Bender
"You two have been a blessing since the moment we met you! It was not by chance that we met on that rainy afternoon at an open house. Your professionalism and friendly nature sustained us during a very stressful time. Your marketing and brochures of our former house enables us (and the Good Lord) to sell our house in just days! Thank you for your support, advice and expertise in purchasing our new home. We will always consider you the best realtors we've ever worked with and more importantly, our friends." - Ginger and Steve Olauson
"Dear Don and Vicki, We can't thank you enough for your outstanding support in the marketing and sale of our home. The suggestions you made for enhancing the appearance with small decorator touches and removing some pieces to minimize clutter were right on the money. Your brochures and website were hands down the best, most professional marketing pieces we've ever seen! As a result, we had a serious offer in just two weeks in a softening market. You made sure we were priced right and positioned right for a sale. With all that, you were a delightful couple to work with. Thanks for your advice on counter offers and pushing to see the sale through to a successful close. " - - Glenn and Susan Ferguson
"Vicki, It was a great pleasure to work with you! Bill and I will call you in the future for our real estate needs. You are very kind and generous. It's hard to find a good realtor anymore, but we struck gold with you! " - Bill and April Morris
"How do you sell your house when Ms. Perfect-Home-and-Garden next door along with 12 other homeowners in a 2-mile radius are having for sale signs posted, while the market keeps deteriorating? If you are smart, you hire a team of consummate professioinals who praise the good, point out the less-so, and guide you gently through the improvement process as if you were their only client. Then after less than 30 days, you sign on the dotted line, getting very close to the amount originally asked for and are free to move on. Thank you Don and Vicki! You were a pleasure to work with during a stressful time. I love my new home. And when it, too, needs to be sold I'll be calling you." - Petra Berberich
"The Pedersens went far and above what one might expect of the run of the mill real estate agent. From start to finish, they handled issues as well as my physical property as if it were their own. There was never an issue they didn't solve. The transaction went amazingly smoothly. Don and Vicki are professionals of the highest caliber." - Mary Helen Montjoy
"When we decided to sell our home during a really tough real estate market, we knew we were facing significant challenges and were going to need the best sales team available to help us accomplish our goals. We chose Don and Vicki Pedersen because we were impressed with their knowledge in the general real estate market and, more particularly, with our immediate market. We also felt it would be a great advantage that they worked as a team, which would increase their availability to be directly involved in all important and key aspects of the sales process. Within a very short period of time, we knew we had made the right decision. From staging, to marketing, to weekly market updates, to personally attending showings to prospective buyers, they did everything they said they would do and more. And - our house sold! We are so grateful for Don and Vicki's expert assistance and would recommend them to anyone." - Pam McMahon and T. Lee Fenn
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The park is located in a beautiful neighborhood, usually referred to as Sycamore Highlands. In addition to the benches for enjoying the views, there are a couple of very nice playgrounds, two basketball courts, lots of play areas, picnic areas and much more. I'll let my photos of the park give you a good idea of the park. 
Location/Directions
I did a search today of the local multiple listing service for the best homes at the best price in Riverside currently for sale. These are all homes built in 2000 or newer and are all under $350,000. None of these are my listings and I did not include any short sales in this list. I have not personally visited all of these homes - I'm just going by the information on the multiple listing service and some recent comparable home sales. 
Riverside California